Tether completes historic audit, reserves exceed liabilities
6.6 Stablecoins Tether completed its largest-ever audit for 2025, with KPMG confirming reserves exceeded liabilities by $6.814B. This marks a major milestone for transparency in the stablecoin market.
Tether has completed its largest-ever full financial audit for the 2025 fiscal year, conducted by KPMG U.S., one of the Big Four accounting firms. The audit resulted in an unqualified opinion—the most favorable outcome—confirming that Tether's reserves exceeded its liabilities by $6.814 billion as of December 31, 2025. KPMG's comprehensive review included substantive testing of Tether's balance sheet, reserve asset composition, outstanding token liabilities, income statement, changes in equity, and cash flow statement. The audit also involved a physical inspection and counting of every gold bar held by Tether to verify their existence. Described as the largest inaugural financial audit in history, this milestone marks a significant step for transparency and scrutiny in the stablecoin market. Tether emphasized that the audit went beyond previous quarterly attestations, providing a full-scope review of its financial position, operations, and cash flows for the year. The company highlighted this achievement as a turning point for trust and transparency in the digital asset industry.
